6533b82efe1ef96bd1293e3e
RESEARCH PRODUCT
Venture Capitalists' Decision to Syndicate.
Philippe DesbrièresAndy LockettMike WrightHans LandströmUlrich HommelMiguel MeulemanHans BruiningSophie Manigartsubject
Economics and Econometrics0502 economics and businessRisk sharing[ SHS.ECO ] Humanities and Social Sciences/Economies and financesBusinessBusiness and International Managementventure capital[SHS.ECO] Humanities and Social Sciences/Economics and FinanceSelection (genetic algorithm)FinanceWeb syndication050208 financebusiness.industry05 social sciencesVenture capitalrisk exposureInvestment policy[SHS.ECO]Humanities and Social Sciences/Economics and FinanceSyndicateinvestment policyValue (economics)portfolio managementBusinessProject portfolio management050203 business & managementpartneringdescription
International audience; Financial theory, access to deal flow, selection, and monitoring skills are used to explain syndication in venture capital firms in six European countries. In contrast with U.S. findings, portfolio management motives are more important for syndication than individual deal management motives. Risk sharing, portfolio diversification, and access to larger deals are more important than selection and monitoring of deals. This holds for later stage and for early stage investors. Value adding is a stronger motive for syndication for early stage investors than for later stage investors, however. Nonlead investors join syndicates for the selection and value-adding skills of the syndicate partners.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2006-03-01 |